Running a successful business is a challenging task. It involves a lot of hard work, market research, ground reporting, strategy making and marketing etc. Other than these, businesses have a moral responsibility towards the society. Businesses are an integral part of the society and are largely dependent on the society. Therefore, businesses have to follow certain ethics and principles that levitates the reputation of the organization.
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- ‘Business ethics’ is set of moral principles and rules that are applied in the business. The moral ethics should be made in such a way that they become beneficial for the society as well as the business. They are set of rules or do and don’ts for the businesses. They draw a line between right and wrong in the business. Business ethics can help in gaining the trust of the customers as well as stakeholders. Different businesses should follow the ethics of business even if it is IT industry, academics or research institutes.
- It is not mandatory for the business to follow the business ethics. But this will surely affect the sales and image of the business in the long run. Take an example of two textile companies. Company A is discharging its harmful chemicals into the river causing harm to the ecosystem. The company is violating the rules of business ethics by affecting the environment for its own benefit. On the other hand, Company B is not discharging its hazardous chemicals into the river. They are properly disposing off the chemicals without harming the environment. The company has a sense of business ethics and is socially responsible. This is known as business ethics.
- Company B is having higher moral values than A. This will help in building a good reputation among the people. And this will be reflecting in the sales of the organization.
Following factors should be kept in mind while framing the business ethics of any organization:
- It is very important that the business ethics should follow the Government rules and regulations and do not violate them.
- Business ethics should be equally implemented at all levels of the organizations. Businesses have to be fair while dealing with the business ethics.
- Business ethics should benefit the society. Businesses should be empathetic while framing the business ethics. For example, educating and feeding the poor, sponsoring free health checkups etc.
- Every individual should be aware of the business ethics of the organization. There should not be any conflict in the business ethics. If there is any, it should be resolved at an early stage.
- Business ethics are based on the moral values. Business ethics should not violate the moral values of the society.
Now, lets us discuss from where these business ethics come and what are their sources.
Sources of Business Ethics
- Culture: Culture diversity refers to different cultures respecting each other’s differences. Every culture is based on a set of principles, rules, ideas, and perception. Every culture has different rituals and norms. The culture differs from society to society. Culture is passed from one generation to other. A business should respect every culture’s sentiments and norms. Any violation of culture’s principles can harm the sentiments of a big cultural community. This would be a huge blow for the business.
- Religion: Religion is something that is in the existence of the evolution of mankind. Religion is the fundamental and oldest source of the ethics of mankind. There are numerous religions followed all over the world, but they all are in the agreement of basic fundamental principles. Every religion preaches the difference between the right and wrong. Since our childhood, we are taught ethical and moral values that are based on the religion, it is up to us if we are following them are not.
The same thing goes with the business ethics. Everyone is aware of them but it is up to them if they are following them or not. The fundamental in business ethics is that it should aim at respecting the moral values and should work for the betterment of the society. A business should respect the norms followed by every religion. It should not hurt the sentiments of a religious community. This comes under Business Intelligence solutions.
- Law and Order: There is a legal system in the country. A legal system is important so as to guide the human behaviour in the society. The ethics mentioned in religion and culture is not necessary to follow but it is advisable to follow them. But ethics mentioned in the law are binding on every individual as well as the organization. Violating law and order can lead to punishment according to the degree of crime. It is necessary for the businesses to strictly follow the law and order. Business break laws for their own benefits. For example; tax evasion, polluting the environment, poor quality product, adulterate on and many more. This is not recommended as it can harm the reputation of any organization.
Every person wants to be a part of the organizations that is ethically and morally correct. This brings a sense of proud and respect to work for such organization. Everyone wants to work with the organization that is honest and is socially responsible. Business ethics creates the credibility in the general masses. People would like to buy the product and services of an organization that is morally correct and honest in its offerings. Many AI companies are working on it to make better solutions. Every business should understand its social responsibility and moral values so that people feel proud to be a part of such organization.